Fading bullish tide: ANKR/USDT signals a timing opportunity to sell

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on Sep 23, 2023

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Fading bullish tide: ANKR/USDT signals a timing opportunity to sell

The overall trend is bearish and the price will continue its bearish trend after the recent correction
Trading signal provided should last 1 week with a potential upside of 44.54%
There is no high-impact news and the price will possibly follow price action.

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ANKR/USDT trading strategy

Buy/sell asset: Buy ANKR/USDT
Entry price: 0.02056
Stop loss: 0.02163
Leverage: 2x
Take profit 1: 0.01958
Take profit 2: 0.01830
Take profit 3: 0.01602
Timeframe: 1 week
Maximum profit: 44.54%
Maximum loss: 9.9%

ANKR/USDT chart and technical analysis

ANKR/USDT is retesting the major resistance level of 0.02056 after it dropped significantly in the last couple of months. Price will possibly continue its bearish trend from this level as this has been a strong resistance level in the past.

The bullish correction seems to fading away as the price is already indicating rejection resistance from this level on shorter time-frames.

I am expecting the price this time will break below the previous low of 0.01695 and will remain bearish for the coming weeks.

ANKR fundamental analysis

There is no high-impact news that can impact the market substantially. Price will most probably follow price action.

ANKR to Tether trade idea takeaways

The bullish pull-back on ANKR/USDT is possibly coming to an end.
The price will continue its bearish momentum from the 0.02056 resistance level.
This trade idea is valid for 1 week.
Multiple take-profit levels have been set to secure profit along the way and stoploss has been placed at a secure price level.
Good luck!